How to File Income Tax Return (ITR) for Last Years?

2025-02-01

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You have finally decided on your dream home, and you are applying for a bank loan to partially finance the cost of your new home. The bank may ask you for your Income Tax Returns (ITR) for the last 2-3 financial years to process your loan application. But you do not have them because you never felt the need to file ITRs and missed the ITR returns filing last date. A lot of people do get confused about whether Can I file ITR for last 3 years?

Understanding the process and requirements for filing ITR can alleviate confusion and potential stress associated with tax season. This blog will provide you with an in-depth guide on how you can file ITR for last year.

Key Takeaways

Under Section 139(4), belated returns can be filed after the due date but before the end of the assessment year, subject to penalties.
Current provisions only allow filing for the two most recent assessment years if you missed the deadlines.
Late filing may attract penalties ranging from ₹1,000 to ₹5,000, interest on outstanding taxes, and loss of tax benefits like carrying forward losses or claiming deductions.
Filing can be done both online and offline.
Tax Deadlines for FY 2023-24: a. Individuals: July 31, 2024 b. Belated Returns December 31, 2024 c. Updated Returns: March 31, 2027

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Filing ITR for Previous Assessment Years

As per section 139(4) of the IT Act, if you do not file your Income Tax Return within the due date, you may do so before the end of the respective assessment year along with a late fee. For example, for the assessment year 2018-19 (for the financial year 2017-18), a belated return can be filed until 31 March 2019. The belated return time has been amended, and the new time is 3 months prior to the end of the assessment year. For FY 2021-22, it is Dec 22.

You can file returns for the previous years. This can be done, at best, for the two years preceding the current financial year. Thus, If you want to file your ITR for the FY 2017-18, you must do so by the end of the FY 2019-2020.

1. What is a Belated Return under Section 139(4)?

A belated return refers to an income tax return filed after the original due date but before the end of the assessment year. Under Section 139(4) of the Income Tax Act, taxpayers who miss the initial deadline can still file their ITR, albeit with penalties. For instance, if you’re wondering, “Can I file ITR for the last 3 years now?” the answer depends on the specific conditions and timelines discussed below. Filing a belated return ensures compliance but may attract late filing fees and interest on the outstanding tax liability.

2. What is an Updated Return under Section 139(8A)?

An updated return allows taxpayers to rectify errors or omissions in their previously filed ITR or to file one if missed altogether. Introduced in Section 139(8A), this provision permits taxpayers to update their returns for up to two assessment years prior to the current one. This means that if you’re considering “how many previous years ITRs can be filed”, the updated return offers a limited window for correction and compliance.

3. How Many Previous Years ITR Can Be Filed?

You cannot file ITR for the last three years all at once. However, current provisions under Section 139(8A) allow you to file updated returns for the previous two assessment years. For instance, in FY 2024-25, you can file ITRs for AY 2022-23 and AY 2023-24 under the updated return provision.

4. Eligibility Criteria for Filing Previous Year ITR

To file an ITR for a previous year, you must:

Ensure the income threshold for mandatory filing was met during that financial year.
Have access to relevant income details and supporting documents.
Not have been under prosecution or tax scrutiny for the concerned year.

Did You know?

Starting from Assessment Year 2024-25, the new tax regime will automatically

Source: Incometaxgov

Why Avoid Delaying ITR Filing?

Delaying the ITR last date has more than one negative consequence, which are listed below:

You may receive a notice from the income tax department.
If you miss the last date to file ITR, you may have to pay a late fee, which can range from ₹1,000 to ₹5000, depending on your tax bracket.
If a tax is due, you will have to pay interest, u/s 234A, at the rate of 1% per month on this due amount from the last date of filing the return until you pay the tax and file the ITR.
You cannot carry forward losses (except loss in house property), if any, incurred in that year.
Deductions under Chapter VI-A may not be permitted.
In late returns, you cannot revise your return if you make an error due to oversight.

Some more serious consequences are listed below, and these should be enough to stop you from delaying the ITR returns filing last date (unless, of course, there are extraordinary reasons beyond your control). In rare and extreme cases, you may be prosecuted if the income tax officer infers that you are a wilful defaulter.

If the tax due is less than ₹25 lakhs, you may be imprisoned for three months or two years.
If the tax due is greater than ₹25 lakhs, you may be imprisoned between 6 months and seven years.

Tax Due Dates for FY 2023-24 (AY 2024-25)

For individual taxpayers who are not liable for a tax audit under the Income-tax Act, 1961, the ITR filing last date 2024 is by July 31, 2024.

Taxpayers Category	ITR Filing Due Date for FY 2023-24 (unless extended)
Individual / HUF/ AOP/ BOI	31st July 2024
Businesses (Requiring Audit)	31st October 2024
Businesses requiring transfer pricing reports (in case of international/specified domestic transactions)	30th November 2024
Revised return	31st December 2024
Belated/late return	31st December 2024
Updated return	31st March 2027 (2 years from the end of the relevant Assessment Year)

Tax Due Dates for FY 2024-25 (AY 2025-26)

1. Being Aware of Tax Due Dates is Critical for Timely Compliance. The key Deadlines Include:

July 31, 2025: Original return filing for individuals and salaried taxpayers.

Original return filing for individuals and salaried taxpayers.

October 31, 2025: Deadline for taxpayers requiring an audit.

Deadline for taxpayers requiring an audit.

November 30, 2025: Filing for international transfer pricing cases.

Filing for international transfer pricing cases.

2. Filing Deadlines for Belated and Updated Returns

Belated Return:

Can be filed up to December 31 of the assessment year.

Updated Return:

Available up to 24 months from the end of the relevant assessment year.

3. Deadline Extensions and Their Implications

The government occasionally extends filing deadlines due to unforeseen circumstances or administrative reasons. While this offers temporary relief, relying on extensions may lead to last-minute errors and penalties.

How to File ITR for AY 2024-25?

Follow this process to file your income tax return (ITR):

Log on to the Income Tax Department’s website.
Login to your account with your ID (generally PAN) and password.
In case you have forgotten your password, you may reset the same by clicking “forgot password.”
If you are logging in for the first time, register yourself.
Click on the drop-down menu named “e-file.”
Choose “income tax return” followed by “file Income Tax Return.”
Reiterating steps 6 and 7. Follow this path: Dashboard>e-file>income tax return>file Income Tax Return.
Select Assessment Year 2024-25.
Proceed with the subsequent steps of selecting the appropriate form and entering the required details.

Offline ITR Filing Process

Download the relevant ITR form from the e-filing portal.
Fill in the form and generate the XML file.
Upload the XML file on the portal.
Verify the submission using Aadhaar OTP or other methods.

Filing ITR-U for Missed Deadlines

ITR-U simplifies compliance for missed deadlines. This updated return helps rectify unintentional errors, report unclaimed income, and fulfil tax obligations within the two-year window under Section 139(8A).

Can you File ITRs for the Last 3 Years Now?

You cannot file an ITR for the last three years altogether in one go in a year. No clause allows you to file the returns once you have surpassed the due date. In specific cases, however, there could be a special condonation, if you seek one, with convincing evidence. The income tax officer may consider your case based on its merits. For example:

The request is authentic and genuine, including health, personal hardships, bereavement, etc.
The case is extraordinary and merits attention.
Acts of God precluded you from filing returns.
A refund is due because of excess tax deduction, TDS, advance tax, or self-assessment tax

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Benefits of Filing your ITR Every Year

While delays in ITR last date filing attract penalties and other disadvantages, filing your ITR every year offers multiple benefits. Some of the important benefits are:

Claim your TDS refund
Have a reliable and widely accepted income proof
Helps in loan disbursements
Foreign travel becomes easier
You can carry forward your business and capital losses

ITR filing should be done on time to maintain a good track record. If you miss filing returns, you may find it difficult to apply for loans, visas etc. Other benefits of filing ITRs before the due date is quicker refunds, interest on refunds, no penalty and above all zero stress.

1. Avoiding Penalties and Legal Issues

Late filing or non-compliance with income tax regulations can result in significant financial and legal repercussions:

Penalties Under Section 234F: A late filing fee of up to ₹5,000 may be levied if you fail to file your ITR before the due date. For those with an income below ₹5,00,000, the penalty is capped at ₹1,000.
Interest on Outstanding Tax: If there is tax due, interest under Section 234A is charged at 1% per month or part thereof from the due date until the ITR is filed and taxes are paid.
Legal Consequences: Severe non-compliance, such as willful failure to file, can result in prosecution. If the unpaid tax exceeds ₹25 lakh, imprisonment ranging from six months to seven years may apply. For unpaid taxes below this threshold, imprisonment may range from three months to two years.
Other Losses: Late ITR filing can prevent you from carrying forward business or capital losses and deny access to deductions under Chapter VI-A, increasing future tax liabilities. Timely, accurate filing ensures you retain these benefits and maintain a clean financial record.

2. Faster Refund Processing

Timely filing of your Income Tax Return (ITR) not only ensures compliance but also speeds up refund processing:

Accurate Bank Details: Ensure smooth refund credit and provide accurate bank account details, including IFSC codes. Double-check for errors that might delay the process.
Priority Processing: Returns filed before the due date are often processed faster, leading to quicker refunds for excess tax payments or deductions.
Interest on Refunds: Timely filing may also make you eligible for interest on refunds if the tax department delays releasing the amount.

By meeting the deadlines and ensuring error-free filing, you can enjoy faster access to refunds while maintaining peace of mind.

3. Maintaining Tax Compliance

Regular compliance with tax obligations is a cornerstone of financial responsibility and credibility:

Enhanced Financial Credibility: Filing ITR on time creates a trustworthy financial record, which is crucial for securing loans, credit cards, and mortgages.
Avoiding Scrutiny: Tax authorities are less likely to scrutinise or audit your financials when you have a history of consistent compliance.
Fulfilment of Obligations: Filing returns for eligible previous years demonstrates a commitment to meeting legal and financial responsibilities. This not only helps in rectifying discrepancies but also showcases transparency.
Ease of Transactions: Regular compliance facilitates smoother financial activities, including foreign travel, visa applications, and tax documentation for investments.

Timely and accurate filing ensures you remain in good standing with the tax authorities, avoiding complications and benefiting from a clean financial record.

Conclusion

Filing your Income Tax Return (ITR) for previous years is a legal requirement and a vital aspect of responsible financial management. It empowers you to correct tax discrepancies, reclaim overpaid taxes, and uphold a trustworthy tax record. Procrastination in filing ITRs can lead to financial penalties, interest charges, and potential legal repercussions. Timely submission mitigates these risks, ensures efficient processing of refunds, and avoids scrutiny from tax authorities. By fulfilling this obligation promptly, you safeguard your financial health, capitalize on tax-saving opportunities, and maintain transparency in your financial affairs.

Glossary

Belated Return: A return filed after the due date but before the end of the relevant assessment year. It allows taxpayers to comply with their tax obligations, along with the penalties.
Section 139(4): It’s a section of the Income-tax Act, 1961, under which belated returns can be filed up to the end of the assessment year, ensuring compliance with tax laws.
Tax Audit: A thorough examination of an individual's or entity's financial records and compliance with tax laws. It is mandatory for businesses and professionals above specified income thresholds.

FAQs for Income Tax Return

To revise an Income Tax Return (ITR) after the due date, taxpayers can file a revised return under Section 139(5) of the Income-tax Act, 1961. The request should be filed within one year from the end of the relevant assessment year. This allows corrections for errors or updates in income, deductions, or other details originally filed.

The last date to file an ITR typically varies based on the taxpayer's category and the assessment year. For individuals not subject to tax audits, it's usually July 31st of the assessment year.

For companies, the due date for filing the Income Tax Returns (ITR) in India is 30th September of the assessment year unless extended by the tax authorities.

Income Tax Returns (ITR) filed after the due date are typically filed under Section 139(4) of the Income-tax Act, 1961, which allows for belated filing within a specified timeframe.

Yes, taxpayers can opt for the new tax regime even after the due date for filing income tax returns. The condition to do so is they meet the eligibility criteria and declare their choice while filing their belated or revised return under Section 139(4) or Section 139(5) of the Income-tax Act, 1961.

Disclaimer - This article is issued in the general public interest and meant for general information purposes only. The views expressed in this blog are solely those of the writer and do not necessarily reflect the official policy or position of Canara HSBC Life Insurance Company Limited or any affiliated entity. We make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability, or availability with respect to the blog or the information, products, services, or related graphics contained in the blog for any purpose. Any reliance you place on such information is therefore strictly at your own risk. You should consult with a qualified professional regarding your specific circumstances before taking any action based on the content provided herein.